Increased sales volumes in the Permian Basin are attributed to the CrownRock Acquisition. This acquisition is a key part of Occidental's strategy to expand its oil and gas operations.

Occidental divested non-core proved and unproved royalty and mineral interests in the DJ Basin for approximately $900 million and certain non-core Permian Basin assets for approximately $400 million. These divestitures support the company's strategy to streamline its portfolio and focus on core assets.

Occidental is focused on developing carbon management and storage solutions and GHG emissions reduction efforts. This includes the commercialization of direct air capture technology and investments in other low-carbon technologies.

Occidental used cash on hand and proceeds from asset sales to redeem $465 million of senior notes due 2025 and repaid $50 million of the two-year term loan due 2026. Subsequent to quarter end, additional debt was repaid using warrant exercise proceeds.

Occidental issued 41.9 million shares of stock in return for proceeds of approximately $890 million from the exercise of warrants. These proceeds were used to repay near-term debt maturities.

Capital expenditures were $1.9 billion, with the majority allocated to the oil and gas segment. This indicates a continued focus on expanding and maintaining production in this core area.

Occidental's operations, financial condition, cash flows, and levels of expenditures are highly dependent on oil prices and, to a lesser extent, NGL and natural gas prices. Changes in these prices can significantly impact the company's financial performance.

President Trump announced a sweeping tariff policy that imposes a 10% baseline tariff on the majority of imports, with significantly higher reciprocal rates for certain nations. The impact of any final trade agreements or implemented tariffs on Occidental's businesses is currently uncertain.

Any downgrade in credit ratings could impact Occidental's ability to access capital markets and increase its cost of capital.

Excluding the impact of items affecting comparability, oil and gas segment earnings increased due to higher domestic prices across all products and higher sales volumes. This indicates a strong competitive position in the domestic market.

Average realized prices for oil are close to WTI and Brent index prices, indicating strong pricing power and efficient operations.

Average daily sales volumes increased for the three months ended March 31, 2025, compared to the same period in 2024, mainly due to the CrownRock Acquisition. This shows an increase in market share.

Cost of sales in the chemical segment increased to $870 million, from $820 million, indicating potential inefficiencies or higher input costs.

Average daily sales volumes decreased due to ethane rejection in the Rockies and delays due to weather and third-party facility disruptions in the Permian and maintenance in GOA. These factors impact operational efficiency.

Depreciation, depletion, and amortization increased to $1.9 billion, from $1.7 billion, primarily related to increased sales volumes in the Permian Basin from the CrownRock Acquisition. This shows an increase in operational activity.

Occidental is focused on developing carbon management and storage solutions and GHG emissions reduction efforts. This includes the commercialization of direct air capture technology and investments in other low-carbon technologies.

Occidental and BlackRock formed a joint venture for the continued development of the first commercial scale direct air capture facility. This shows a commitment to innovation.

Occidental's low-carbon ventures businesses seek to leverage Occidental's legacy of carbon management experience to develop carbon capture, utilization and storage projects. This shows a commitment to innovation.

Occidental used cash on hand and proceeds from asset sales to redeem $465 million of senior notes due 2025 and repaid $50 million of the two-year term loan due 2026. Subsequent to quarter end, additional debt was repaid using warrant exercise proceeds.

Occidental issued 41.9 million shares of stock in return for proceeds of approximately $890 million from the exercise of warrants. These proceeds were used to repay near-term debt maturities.

Capital expenditures were $1.9 billion, with the majority allocated to the oil and gas segment. This indicates a continued focus on expanding and maintaining production in this core area.

Occidental is focused on developing carbon management and storage solutions and GHG emissions reduction efforts. This includes the commercialization of direct air capture technology and investments in other low-carbon technologies.

Occidental subsidiaries participated in or monitored remedial activities or proceedings at 157 sites. The current portion of $150 million is included in accrued liabilities and the remainder of $1.8 billion is included in other liabilities.

Occidental conducts its operations with a priority on technical expertise, HSE, sustainability and social responsibility. This demonstrates a commitment to ESG principles.

Occidental's operations, financial condition, cash flows, and levels of expenditures are highly dependent on oil prices and, to a lesser extent, NGL and natural gas prices. Changes in these prices can significantly impact the company's financial performance.

President Trump announced a sweeping tariff policy that imposes a 10% baseline tariff on the majority of imports, with significantly higher reciprocal rates for certain nations. The impact of any final trade agreements or implemented tariffs on Occidental's businesses is currently uncertain.

Oil prices may remain volatile due to geopolitical risks, the evolving macro-economic environment's impact on energy demand, future actions by OPEC and other oil producing countries, and recent tariff actions.